More On: BCH
Bitcoin Cash (BCH) was one of the hardest-hit digital assets during the May market meltdown, resulting in a drop in its market value.
- In 2022, Bitcoin Cash is still trading below $500.
- Bitcoin Cash's value continues to fall as a result of the unfavorable market trends.
- By the end of May, the market cap of Bitcoin Cash reached over $3 billion.
In June 2022, Bitcoin Cash remains a top 30 digital asset by market capitalization. According to Be[In] Crypto Research, BCH ended the fifth month of the year with a market value of over $3.89 billion.
While this statistic appears to be high because to the drop in the value of other cryptocurrencies, it represents a 28 percent drop from its market cap on the first day of the month. On May 1, Bitcoin Cash had a trading volume of $4.14 billion, corresponding to a market capitalisation of around $5.42 billion.
Why is the market capitalisation plummeting?
A massive sell-off by whales, which worsened in the final week of the month, had a key part in Bitcoin Cash's falling market capitalisation.
The steady climb in interest rates to help limit inflation, the aftermath from Russia's unjustified invasion of Ukraine, and investors' lack of risk appetite for digital assets were some of the causes ascribed to the market's decline.
On May 28, the number of major transactions utilizing BCH peaked at 154,840 at a price of $176.61.
This equated to a massive transaction volume of 70.23 trillion BCH.
The huge transaction volume in dollars was roughly $12.40 trillion.
BCH entered the day at $176.14, achieved an intraday top of $179.72, touched an intraday low of $173.69, and completed the day at $179.02.
The market capitalization was $3.42 billion, a 39% decline from the opening day's market value. Although BCH attempted multiple times to reclaim its opening day price, the crypto trading asset closed the month with a negative value.
BCH price movement
BCH began at $278.59 on May 1, achieved a monthly top of $302.24 on May 5, tested a monthly low of $160.07 on May 12, and completed the month at $203.66.
Overall, the opening and closing prices of BCH fell by 26 percent in May.
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